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When State Ownership Challenges Creditor Justice in Bankruptcy Asset Execution

Journal of Human Rights, Culture and Legal System · Vol. 6 No. 3 (2026) · hlm. 111–148

DOI
10.68247/jhcls.v6i3.1112
ISSN
2807-2812, 2807-2979
Terbit
2026-11-09
Penerbit
Yayasan Pendidikan Contrarius Indonesia
Bahasa
eng
Lisensi
creativecommons.org/licenses/by/4.0

Abstrak

The execution of state-owned enterprise assets in bankruptcy presents complex legal challenges concerning regulatory coherence, institutional responsibility, and the protection of creditors' rights. Conflicting interpretations of state ownership and corporate legal personality create uncertainty over asset execution and limit creditors' opportunities to recover outstanding debts. This study investigates the legal and institutional barriers to equitable asset execution and proposes a regulatory framework that strengthens creditor protection in state enterprise bankruptcy. Using empirical legal research with a qualitative approach, the study integrates statutory, conceptual, and comparative analysis with deductive and inductive reasoning. The findings establish two principal conclusions. First, inconsistencies among state finance, state treasury, corporate governance, and bankruptcy regulations create uncertainty over the legal status and execution of corporate assets. Overlapping institutional authority and the prevailing tendency to prioritize state ownership further complicate bankruptcy proceedings and weaken creditors' legal remedies. Second, effective creditor protection requires regulatory harmonization, clearer institutional responsibilities, stronger oversight of bankruptcy trustees, and the integration of deliberation and consensus into dispute resolution procedures. The proposed model distinguishes corporate ownership from state financial supervision while strengthening legal certainty, proportionality, and equitable treatment among creditors.

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  • Sebelas Maret University
  • Universitas Airlangga
  • Universitas Nahdlatul Ulama Blitar
  • Universitas PGRI Semarang
  • Universitas Halu Oleo
  • Universitas Islam Negeri Palopo
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Rekan penulisOrganisasiArtikel bersama
Supanto SupantoAfiliasi tidak diketahui1
SUPRIYANTO SUPRIYANTOUniversitas PGRI Semarang1
Dian Cita SarAfiliasi tidak diketahui1
Abdul Halim bin AliAfiliasi tidak diketahui1
Sulaiman DorlohAfiliasi tidak diketahui1
Yuki ShiozakiAfiliasi tidak diketahui1
Afib RulyansahAfiliasi tidak diketahui1
Ezi ApinoAfiliasi tidak diketahui1
Dedek AndrianAfiliasi tidak diketahui1
Ilham Tri MaulanaAfiliasi tidak diketahui1
Pipit Sari PuspitoriniAfiliasi tidak diketahui1
M IlhamUniversitas Islam Negeri Palopo1
Muliati MuliatiUniversitas Halu Oleo1
Hannani HannaniAfiliasi tidak diketahui1
Soliman Al JadiAfiliasi tidak diketahui1
Anas Habibi RitongaAfiliasi tidak diketahui1
Esli Zuraidah SiregarAfiliasi tidak diketahui1
Nurharisyah HasibuanAfiliasi tidak diketahui1
Masrul Efendi Umar HarahapAfiliasi tidak diketahui1
Nur Hasanah HasibuanAfiliasi tidak diketahui1
Lego KarjokoSebelas Maret University1
Aji RahmadiSebelas Maret University1
Teguh HartonoSebelas Maret University1
Pujiono SuwadiSebelas Maret University1
Bachtiar ChahyadhiSebelas Maret University1
Rizqy Kartika SariUniversitas Airlangga1
Y. Denny A. WahyudionoUniversitas Airlangga1
Muhamad Yofhan WibiantoSebelas Maret University1
I Gusti Ayu Ketut Rachmi HandayaniSebelas Maret University1

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Sumber metadata: OAI-PMH (metadata jurnal) https://www.jhcls.org/index.php/JHCLS/oai, pertama di-harvest 10 Nov 2026, terakhir terlihat 10 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en-US">When State Ownership Challenges Creditor Justice  in Bankruptcy Asset Execution</dc:title>
	<dc:creator>Anwar, Khairul</dc:creator>
	<dc:creator>Hartiwiningsih , Hartiwiningsih</dc:creator>
	<dc:creator>I Gusti Ayu Ketut Rachmi Handayani</dc:creator>
	<dc:creator>Ahmad Dwi Nuryanto</dc:creator>
	<dc:creator>Davlatbek Esanov</dc:creator>
	<dc:subject xml:lang="en-US">Asset Execution; Bankruptcy; Creditor; Justice; State Enterprise Governance;</dc:subject>
	<dc:description xml:lang="en-US">The execution of state-owned enterprise assets in bankruptcy presents complex legal challenges concerning regulatory coherence, institutional responsibility, and the protection of creditors' rights. Conflicting interpretations of state ownership and corporate legal personality create uncertainty over asset execution and limit creditors' opportunities to recover outstanding debts. This study investigates the legal and institutional barriers to equitable asset execution and proposes a regulatory framework that strengthens creditor protection in state enterprise bankruptcy. Using empirical legal research with a qualitative approach, the study integrates statutory, conceptual, and comparative analysis with deductive and inductive reasoning. The findings establish two principal conclusions. First, inconsistencies among state finance, state treasury, corporate governance, and bankruptcy regulations create uncertainty over the legal status and execution of corporate assets. Overlapping institutional authority and the prevailing tendency to prioritize state ownership further complicate bankruptcy proceedings and weaken creditors' legal remedies. Second, effective creditor protection requires regulatory harmonization, clearer institutional responsibilities, stronger oversight of bankruptcy trustees, and the integration of deliberation and consensus into dispute resolution procedures. The proposed model distinguishes corporate ownership from state financial supervision while strengthening legal certainty, proportionality, and equitable treatment among creditors.</dc:description>
	<dc:publisher xml:lang="en-US">Yayasan Pendidikan Contrarius Indonesia</dc:publisher>
	<dc:date>2026-11-09</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://www.jhcls.org/index.php/JHCLS/article/view/1112</dc:identifier>
	<dc:identifier>10.68247/jhcls.v6i3.1112</dc:identifier>
	<dc:source xml:lang="en-US">Journal of Human Rights, Culture and Legal System; Vol. 6 No. 3 (2026): Journal of Human Rights, Culture and Legal System; 111-148</dc:source>
	<dc:source>2807-2812</dc:source>
	<dc:source>2807-2979</dc:source>
	<dc:source>10.68247/jhcls.v6i3</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://www.jhcls.org/index.php/JHCLS/article/view/1112/169</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2026 Khairul Anwar, Hartiwiningsih Hartiwiningsih , I Gusti Ayu Ketut Rachmi Handayani, Ahmad Dwi Nuryanto, Davlatbek Esanov</dc:rights>
	<dc:rights xml:lang="en-US">https://creativecommons.org/licenses/by/4.0</dc:rights>
</oai_dc:dc>